Bluwaters 2
Overview & Key Facts
Bluwaters 2 is a boutique condominium of 71 units developed by Novelty Capital Pte Ltd and completed in 2010, tucked into the quiet residential fringe of Jalan Loyang Besar in District 17. The name signals a lineage — Bluwaters 2 followed an earlier iteration — and both projects share the same ethos of low-density, private living in the Loyang and Pasir Ris West corridor, well away from the urban churn of central Singapore.
The land tenure is one of the most distinctive features of this project: 946 years commencing from 1938, which gives it a practical expiry of approximately 2884 — roughly 858 years of remaining lease. While technically a leasehold, this quasi-freehold status is functionally indistinguishable from freehold for any buyer with a normal investment horizon. Quasi-freehold land of this duration is genuinely rare in the Changi and Pasir Ris corridor, where 99-year leasehold is the norm.
Transactional data tells an encouraging story. Average PSF has climbed from approximately $824 at the Yr0 mark to $1,251 at Yr4 — a 52% appreciation over five years, outpacing many comparable 99-year leasehold projects in the wider East. With an average price of $1.29 million and a median sitting at $1.15 million, Bluwaters 2 occupies a meaningful value pocket: quasi-freehold at a price point that most buyers associate with ageing 99-year stock.
Investment and en-bloc scores of 63/100 and 62/100 respectively reflect the compound appeal of a scarce tenure, a small land parcel, and steady transactional momentum. These are not inflated numbers — they capture a genuinely interesting proposition for buyers who can live with, or actively prefer, the low-walkability lifestyle this address demands.
Location & Connectivity
Jalan Loyang Besar sits on the eastern fringe of Singapore, straddling the Loyang industrial estate and the residential neighbourhoods of Pasir Ris West. The surrounding landscape is a distinctive mix of landed housing, industrial land uses, Changi Business Park's gleaming campuses, and the open green corridors near Pasir Ris Park and Sungei Tampines. It is not a central address. That is both the honest limitation and the quiet advantage of Bluwaters 2.
The walkability score of 5/100 is not a rounding error — it is an accurate reflection of ground reality. There is no MRT station within convenient reach. The nearest candidate, Pasir Ris EWL, is roughly 2 kilometres away on foot along roads that are not pedestrian-friendly. Daily errands by foot are impractical. A car, or at minimum a reliable motorcycle, is effectively a prerequisite for comfortable living at Bluwaters 2. Buyers must go in with eyes open on this point.
For drivers, the connectivity picture improves significantly. Jalan Loyang Besar feeds into Pasir Ris Drive and connects readily to the Pan-Island Expressway and Tampines Expressway, placing the CBD within 30 to 35 minutes during off-peak hours. Pasir Ris Park, one of the larger coastal parks in the East, is reachable by car in minutes. The lifestyle here is car-centric, suburban, and deliberately unhurried — characteristics that are a dealbreaker for some and a selling point for others.
Schools in the area — Pasir Ris Crest Secondary (1.54 km), Meridian Primary (1.58 km), Pasir Ris Primary (1.60 km), and Elias Park Primary (1.69 km) — are all within the 2 km registration radius but will require transport rather than a school run on foot. The presence of Stamford American International School (1.58 km) and Brighton College Singapore (1.74 km) within a short drive adds a dimension of interest for expatriate families already accustomed to the car-dependent lifestyle common in eastern Singapore.
Schools & Education
| School | Type | Distance |
|---|---|---|
| Pasir Ris Crest Secondary School | secondary | ~1.5 km |
| Meridian Primary School | primary | ~1.6 km |
| Stamford American International School | international | ~1.6 km |
| Pasir Ris Primary School | primary | ~1.6 km |
| Meridian Secondary School | secondary | ~1.6 km |
| Elias Park Primary School | primary | ~1.7 km |
| Brighton College (Singapore) | international | ~1.7 km |
| Pasir Ris Secondary School | secondary | ~1.8 km |
Facilities
At 71 units, Bluwaters 2 is a genuinely small development, and the facilities reflect that scale. Residents have access to a swimming pool, a gymnasium, and landscaped communal areas — the standard suite for a boutique project in this class. The low unit count means the pool rarely feels crowded, and the gym operates without the queue times that plague larger developments. Maintenance fees are reported by residents to be reasonable, supported by the fact that there is simply less common property to maintain and fewer lift shafts to service.
The flip side of boutique scale is limited facilities breadth. There is no function room, no tennis court, no co-working lounge. Residents who want an extensive lifestyle amenities package will not find it here. What Bluwaters 2 delivers instead is privacy and a genuinely low-density living environment — two commodities that are increasingly difficult to find at this price point in Singapore.
"We specifically chose Bluwaters 2 because of the size. We've lived in big condos with 400 units and the pool is never empty. Here, it feels like a private pool most mornings. That peace is worth more than a tennis court I'd use twice a year." — Owner-occupier, 2-bedroom unit
Unit Sizes & Layout
The unit mix at Bluwaters 2 skews toward mid-sized configurations appropriate for the Loyang catchment — a blend of couples, small families, and investment buyers targeting Changi Business Park worker demand. At a median price of $1.15 million for a quasi-freehold unit, Bluwaters 2 represents a value proposition that is difficult to replicate in the current market: 858 years of remaining lease at an entry point that most buyers associate with ageing 99-year stock. The gross yield of 3.39% on a quasi-freehold asset is a credible number — not speculative, but steady income from a niche tenant pool that values proximity to Changi Business Park and the airport over central accessibility.
PSF appreciation from $824 to $1,251 over five years (a 52% gain) demonstrates that the market has consistently re-rated this project upward. The en-bloc score of 62/100 adds a further dimension: the small land parcel, quasi-freehold tenure, and improving PSF trajectory place Bluwaters 2 on the radar of developers who recognise the scarcity value of long-lease land in the eastern corridor. The investment score of 63/100 synthesises these factors — yield, tenure, and capital appreciation — into a number that sits well above average for a project this far from the MRT network.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 9 | $1,087 | $964,099 |
| 3 BR | 5 | $1,068 | $1,171,180 |
| 4 BR | 3 | $869 | $1,443,629 |
| 5 BR | 5 | $756 | $1,906,160 |
Pricing & Market Position
Based on 22 recorded transactions, sale prices range from $833,000 to $2,100,800, averaging $1,290,658 (~$1,273 psf).
Rents range from $2,000 to $8,000 per month across 51 rental transactions. Current rental yield sits at approximately 3.4%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 51.8% (from $824 to $1,251 psf).
Neighbourhood Comparison
The most instructive comparison in the Loyang and Pasir Ris West corridor is between Bluwaters 2 and Hedges Park — both completed around 2010, both priced in a similar band (Hedges Park at $1,151 PSF vs Bluwaters 2 at $1,273 PSF), but with a critical difference: Hedges Park is 99-year leasehold while Bluwaters 2 carries a 946-year tenure from 1938. Buyers essentially acquire a quasi-freehold asset for a $122 PSF premium over a leasehold peer — a spread that most lease-sensitive buyers would regard as a bargain. The Jovell ($1,394 PSF, 99-year, 2018) and Coastal Cabana ($1,789 PSF, 99-year, 748 units) are newer and better-located relative to Pasir Ris town, but both are leasehold and priced higher. Kassia ($2,032 PSF, true freehold) and Parc Komo ($1,627 PSF, true freehold) represent the genuine freehold tier but carry 60% and 28% PSF premiums respectively over Bluwaters 2 — for tenure advantages that are meaningful in theory but functionally marginal given 858 years of remaining lease.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| BLUWATERS 2 | 946 yrs lease commencing from 1938 | 2010 | 71 | $1,273 |
| COASTAL CABANA | 99 years leasehold | 2026 | 748 | $1,791 |
| THE JOVELL | 99 yrs lease commencing from 2018 | 2021 | 428 | $1,395 |
| KASSIA | Freehold | 2024 | 276 | $2,032 |
| HEDGES PARK CONDOMINIUM | 99 yrs lease commencing from 2010 | 2014 | 501 | $1,153 |
| PARC KOMO | Freehold | 2021 | 276 | $1,628 |
Lease Decay Analysis
The 99-year lease runs from 1938, meaning approximately 88 years have already been consumed. Roughly 11 years remain.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~11 years | CPF restrictions may apply |
| 2037 | Expiry | Lease reverts to state |
ShiokNest Scores
Our proprietary scoring system evaluates BLUWATERS 2 across multiple dimensions.
What Residents Say
"I work at Changi Business Park and the drive is literally eight minutes door to door. I looked at Tampines and Pasir Ris town condos but they felt crowded and the lease was 99 years. Here I'm paying a similar price for 946 years and I'm never stuck in lift queues. The trade-off made complete sense for me." — Changi Business Park professional, owner-occupier
"I bought as an investment and the tenant demand has been very stable. I've had tenants from the airport cluster — cabin crew, ground staff, engineers. They want something quiet, easy to park, close to work. The Loyang area ticks all those boxes and there isn't much competition at this price point with this kind of tenure." — Investor, held since 2019
"The en-bloc potential is something we think about. Small development, quasi-freehold land, improving PSF — the ingredients are there. Even if it doesn't happen, we're happy with the yield and the privacy. It's the kind of condo where you actually know your neighbours." — Owner-occupier couple, 3-bedroom unit
Strengths & Weaknesses
- 946-year quasi-freehold tenure from 1938 — approximately 858 years remaining, functionally equivalent to freehold for all practical purposes
- Median entry price of $1.15M for quasi-freehold is exceptional value versus true freehold peers at $1,627–$2,032 PSF
- 52% PSF appreciation over 5 years ($824 → $1,251) demonstrates consistent capital upside
- Gross yield of 3.39% is strong for quasi-freehold stock — underpinned by stable Changi Business Park and aviation-sector tenant demand
- En-bloc score of 62/100 — small land parcel with scarce quasi-freehold tenure is attractive to developers
- Investment score of 63/100 captures the yield + tenure + appreciation trifecta
- 71 units only — pool and gym rarely crowded; genuine boutique privacy
- Under 10 minutes by car to Changi Business Park, Changi Airport, and East Coast Parkway
- Pasir Ris Park and coastal green corridors within a short drive
- Quiet, low-density residential environment on Jalan Loyang Besar
- Walkability score of 5/100 — the lowest category; daily errands on foot are not practical
- No MRT station within convenient walking distance; nearest (Pasir Ris EWL) is approximately 2 km away
- A private car is effectively mandatory for comfortable daily living
- Limited facilities for the price — no tennis court, function room, or extensive lifestyle amenities
- Only 22 sales transactions in the past 12 months — thin liquidity may affect exit timing
- ShiokNest score of 33/100 reflects the connectivity penalty honestly
- Surrounding Loyang industrial land use may not appeal to all buyers
- School catchment requires transport — no school is walkable from this address
Verdict
Bluwaters 2 is not a condo for everyone, and a credible review should say so plainly. A walkability score of 5/100 and no MRT within convenient distance are significant constraints that will make this address non-viable for buyers who rely on public transport, who want to walk to hawker centres, or who prefer the urban convenience of Tampines or Bedok. The ShiokNest score of 33/100 reflects this connectivity deficit honestly. Buyers who weight accessibility heavily should look elsewhere.
For the right buyer profile, however, Bluwaters 2 is a genuinely compelling case. A quasi-freehold tenure of 858 years remaining at a median entry price of $1.15 million — in a market where true freehold peers command 37 to 60% premiums — is an unusual alignment of value. The 3.39% gross yield is real, underpinned by consistent tenant demand from Changi Business Park and aviation-sector workers. The investment score of 63 and en-bloc score of 62 are not marketing numbers — they reflect a combination of tenure scarcity, transactional momentum, and a small land parcel with redevelopment optionality.
Five-year PSF appreciation of 52% ($824 to $1,251) in a location that most buyers overlook is the clearest signal that this project has been systematically undervalued. The buyers who have done well here are those who understood the Changi Business Park catchment and were willing to trade urban convenience for tenure quality and capital upside. For that specific buyer — car-owning, CBP-adjacent, yield-focused — Bluwaters 2 remains one of the more interesting value propositions in eastern Singapore.